0001193125-15-176126.txt : 201505070001193125-15-176126.hdr.sgml : 2015050720150507091640ACCESSION NUMBER:0001193125-15-176126CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:18CONFORMED PERIOD OF REPORT:20150507ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20150507DATE AS OF CHANGE:20150507

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:MEDICAL PROPERTIES TRUST INCCENTRAL INDEX KEY:0001287865STANDARD INDUSTRIAL CLASSIFICATION:REAL ESTATE INVESTMENT TRUSTS [6798]IRS NUMBER:000000000FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-32559FILM NUMBER:15839719

BUSINESS ADDRESS:STREET 1:1000 UBRAN CENTER DRIVESTREET 2:SUITE 501CITY:BIRMINGHAMSTATE:ALZIP:35242BUSINESS PHONE:205-969-3755

MAIL ADDRESS:STREET 1:1000 URBAN CENTER DRIVESTREET 2:SUITE 501CITY:BIRMINGHAMSTATE:ALZIP:35242

8-K1d922559d8k.htm8-K

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANTTO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May7, 2015

MEDICAL PROPERTIES TRUST, INC.

(Exact Name of Registrant as Specified in Charter)

CommissionFile Number 001-32559

Maryland20-0191742

(State or other jurisdictionof

incorporation or organization)

(I. R. S. Employer

Identification No.)

1000 Urban Center Drive, Suite 501

Birmingham, AL

35242

(Address of principal executive offices)(Zip Code)

Registrants telephone number, including area code

(205) 969-3755

Check the appropriate box belowif the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item2.02. Results of Operations and Financial Condition.

On May7, 2015, Medical Properties Trust, Inc. issued a press release announcing its financial results for the quarter ended March31, 2015. A copyof the press release is attached as Exhibit99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K, including the information set forth in Exhibit99.1 andExhibit 99.2 attached hereto, shall not be deemed filed for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections11 and 12(a)(2) of theSecurities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference in any filing of Medical Properties Trust, Inc. with the Securities and Exchange Commission, except as expressly set forth by specificreference in any such filing.

The Company disclosed three non-GAAP financial measures in the attached press release for the quarter ended March31,2015: Funds from operations, Normalized funds from operations and Adjusted funds from operations. The most directly comparable GAAP financial measure to each of these non-GAAP financial measures is net income, which was $35.9 million, or $0.17 perdiluted share for the quarter ended March31, 2015 compared to $7.2 million, or $0.04 per diluted share for the quarter ended March31, 2014. In the attached press release, the Company disclosed Funds from operations of $50.4 million forthe quarter ended March31, 2015, and Normalized funds from operations of $56.9 million for quarter ended March31, 2015. Adjusted funds from operations were disclosed in the press release as $54.2 million for the quarter endedMarch31, 2015.

A reconciliation of the non-GAAP financial measures to net income as well as a statement disclosing the reasons why theCompanys management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding the Companys financial condition and results of operations are included in Exhibits 99.1 and 99.2.

Item9.01. Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNumber

Description

99.1Press release dated May 7, 2015 reporting financial results for the three months ended March 31, 2015

99.2Medical Properties Trust, Inc. 1st Quarter 2015 Supplemental Information

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersignedhereunto duly authorized.

MEDICAL PROPERTIES TRUST, INC.

(Registrant)

By:

/s/ R. Steven Hamner

R. Steven Hamner

Executive Vice President

and Chief FinancialOfficer

(Principal Financial and Accounting Officer)

Date: May7, 2015

3

INDEX TO EXHIBITS

ExhibitNumber

Description

99.1Press release dated May 7, 2015 reporting financial results for the three months ended March 31, 2015

99.2Medical Properties Trust, Inc. 1st Quarter 2015 Supplemental Information

4

EX-99.12d922559dex991.htmEX-99.1

EX-99.1

Exhibit 99.1

Contact: Tim Berryman

Director Investor Relations

Medical Properties Trust, Inc.

(205)397-8589

tberryman@medicalpropertiestrust.com

MEDICAL PROPERTIES TRUST, INC. ON PACE TO EXCEED ACQUISITION

TARGETS WITH $416 MILLION IN YEAR-TO-DATE COMMITMENTS FOR

NEW INVESTMENTS IN HOSPITAL REAL ESTATE

Continues Strong Growth in Per Share Normalized FFO of 8.0% (11.5% Before Non-cash Effect of Stronger Dollar) to $0.28

Birmingham, AL May7, 2015 Medical Properties Trust, Inc. (the Company or MPT) (NYSE: MPW)today announced financial and operating results for the first quarter ended March31, 2015.

FIRST QUARTER AND RECENT HIGHLIGHTS

Achieved Normalized Funds from Operations (FFO) per diluted share of $0.28 in the first quarter, up 8.0% compared with $0.26 per diluted share in the first quarter of 2014; FFO was negatively impacted fromforeign currency translation (non-cash impact) of $0.01 per share due to the dollar strengthening, absence of which Normalized FFO would have increased by 11.5% to $0.29 per share;

Invested $150 million for the acquisition of the real estate assets of two general acute care hospitals in the Kansas City area, and approximately $16 million for the acquisition of the real estate assets of aninpatient rehabilitation hospital in Weslaco, Texas; both investments will pay rent at a GAAP rate exceeding 10.0% with initial year cash yields between 8.5% and 9.0%;

Executed new agreements to acquire or develop and lease back $250 million in acute hospitals and free-standing emergency facilities to Adeptus Health at a GAAP yield exceeding 10.0% and at an initial year cash yield ofapproximately 9.0%;

Completed construction and commenced collection of rent from two Adeptus First Choice ER facilities in the first quarter; MPT is now receiving rent from 20 Adeptus facilities with 11 more under or nearing constructionand 11 undergoing pre-construction diligence reviews;

1

Executed purchase agreements in April for 31 MEDIAN hospitals, commencing the period (generally 30 to 60 days) during which local governmental entities may elect (although not expected to do so) to acquire the purchaserights from MPT;

Issued 34.5million shares of common stock at a public offering price of $14.50 for net proceeds of approximately $480 million to fund a portion of the acquisition of the previously announced MEDIAN sale-leasebacktransactions;

Included in the financial tables accompanying this press release is information about the Companys assets andliabilities, net income and reconciliations of net income to FFO and Adjusted Funds from Operations (AFFO), all on a basis comparable to 2014 periods.

During the first quarter, MPT built on last years record performance, capitalizing on the increasingly strong dynamics in the hospital real estatemarket, said Edward K. Aldag, Jr., Chairman, President and CEO of Medical Properties Trust. A confluence of positive factors is contributing to MPTs significant growth, including increased capital needs among hospital operators andthe growing acceptance of our sale/leaseback model from hospital operators and their equity owners and not-for-profit hospital systems.

We expectanother year of highly accretive acquisitions both domestically and internationally as our pipeline remains exceedingly strong. Our highly successful equity offering in the first quarter signaled the broadening of our shareholder base and, alongwith recently announced entries by other healthcare REITs and sophisticated capital sources into the markets for hospital real estate, indicates increased investor confidence in hospital real estate as a source of long-term stable cash flows withoutstanding rent coverage. Overall, conditions remain highly favorable for continuing to create shareholder value in 2015 and beyond.

OPERATINGRESULTS

Normalized FFO for the first quarter increased 33% to $56.9 million compared with $42.7 million in the first quarter of 2014. Per shareNormalized FFO increased 8% to $0.28 per diluted share in the first quarter compared with $0.26 per diluted share in the first quarter of 2014. During the first quarter, the U.S. dollar strengthened against the Euro by 10% on average compared to thefourth quarter of 2014; this negatively affected Normalized FFO (from the translation of our international operating results) by approximately $0.01 per share. Because MPT has no intention in the foreseeable future to convert euro-denominated cashflow to dollars this accounting does not impact the amount of cash available to pay euro-denominated expenses including interest and operating expenses or to acquire additional assets whose purchase prices are denominated in euros.

First quarter 2015 total revenues increased 31% to $96.0 million compared with $73.1 million for the first quarter of 2014.

Net income for the first quarter of 2015 was $35.9 million (or $0.17 per diluted share) up from net income of $7.2 million (or $0.04 per diluted share) in thefirst quarter of 2014, which included a previously disclosed loan impairment charge.

2

PORTFOLIO UPDATE AND OUTLOOK

Since the beginning of 2015, the Company has acquired two general acute care hospitals, St. Joseph Medical Center in Kansas City, Missouri and St. MarysMedical Center in Blue Springs, Missouri, for a total investment of $150 million and leased the facilities to Prime Healthcare. The leases are under a master lease agreement with Prime and have a 10-year initial term with two five-year extensionoptions. The annual rent escalators are CPI-based with a floor.

In addition, the Company acquired an inpatient rehabilitation hospital in Weslaco, Texasfor a total investment of approximately $16 million and leased the facility to Ernest Health. The lease falls under the master lease agreement with Ernest, which has a remaining 17-year fixed term and three five-year extension options. The annualrent escalators are CPI-based with a floor and a cap.

In April, the Company executed a new master lease agreement with Adeptus Health that provides forthe acquisition and development of general acute care hospitals and free standing emergency facilities with an aggregate commitment of $250 million, bringing MPTs expected investment in the preeminent leader in the rapidly growing emergencyfacility sector of acute treatment to $500 million. Much of the newly committed real estate funding will support Adeptus new strategy of creating localized ventures with leading hospital operators to build and operate clusters of facilitiesaround jointly owned general acute hospitals. The new master lease includes provisions for double digit GAAP yields and uncapped annual inflation adjustments, along with a 15-year initial term and three five-year options to extend.

Early in the second quarter, the Company executed definitive agreements with affiliates of MEDIAN to purchase and lease back 31 hospitals and expects theseproperties to close during the next 30 to 60 days subject to expiration or waiver of previously described preemption rights; agreements for the acquisition of an additional four hospitals are expected to be executed during the second and thirdquarters.The Company has elected not to acquire five of the initially targeted 40 hospitals.The previously disclosed aggregate purchase price for the MEDIAN properties of 705million remains unchanged.

As of March31, 2015, the Company had total real estate and related investments of approximately $3.8 billion consisting of 141 properties in 27 statesand in Germany and the United Kingdom. The properties are leased to or mortgaged by 27 hospital operating companies. Including completion of development commitments and the pending MEDIAN acquisitions, the Company projects total real estate andrelated investments of approximately $4.5 billion comprising more than 176 healthcare properties when achieved.

Based solely on the completedacquisitions, development projects currently ongoing, which does not include the new $250 million commitment to Adeptus, and the completion of the MEDIAN sale leaseback transactions, per share Normalized FFO is expected to range betweenapproximately $1.22 and $1.28 on an annual run-rate basis. In addition, MPT expects to continue to invest in similarly accretive hospital real estate in 2015; however, any impact on FFO from such investments and the financing thereof is not includedin the annual run rate provided herein.

3

These estimates do not include the effects, if any, of real estate operating costs, litigation costs, debtrefinancing costs, acquisition costs, currency exchange rate movements, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions. These estimates will change when the Company acquires orsells assets, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, other operating expenses vary, income from investments in tenant operations vary from expectations, or existing leases do not performin accordance with their terms.

CONFERENCE CALL AND WEBCAST

The Company has scheduled a conference call and webcast for Thursday, May7, 2015 at 11:00 a.m. Eastern Time to present the Companys financial andoperating results for the quarter ended March31, 2015. The dial-in numbers for the conference call are 877-546-5020 (U.S.) and 857-244-7552 (international); both numbers require passcode 33154467. The conference call will also be available viawebcast in the Investor Relations section of the Companys website, www.medicalpropertiestrust.com.

A telephone and webcast replay ofthe call will be available beginning shortly after the calls completion through May21, 2015. Dial-in numbers for the replay are 888-286-8010 and 617-801-6888 for U.S. and International callers, respectively. The replay passcode for bothU.S. and international callers is 75057881.

The Companys supplemental information package for the current period will also be available on theCompanys website under the Investor Relations section.

About Medical Properties Trust, Inc.

Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends inhealthcare delivery by acquiring and developing net-leased healthcare facilities. MPTs financing model allows hospitals and other healthcare facilities to unlock the value of their underlying real estate in order to fund facility improvements,technology upgrades, staff additions and new construction. Facilities include acute care hospitals, inpatient rehabilitation hospitals, long-term acute care hospitals, and other medical and surgical facilities. For more information, please visit theCompanys website at www.medicalpropertiestrust.com.

The statements in this press release that are forward looking are based on currentexpectations and actual results or future events may differ materially. Words such as expects, believes, anticipates, intends, will, should and variations of such words andsimilar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differmaterially from those expressed in or underlying such forward-looking statements, including without limitation: the satisfaction of all conditions to, and the timely closing (if at all) of the MEDIAN sale-leaseback transactions; the Companyfinancing of the transactions described herein; the capacity of MEDIAN and the Companys other

4

tenants to meet the terms of their agreements; Normalized FFO per share; expected payout ratio, the amount of acquisitions of healthcare real estate, if any; capital markets conditions, therepayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the payment of future dividends, if any; completion ofadditional debt arrangement, and additional investments; national and international economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Companys businessplan; financing risks; the Companys ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estateindustry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the Risk factors section of the Companys Annual Report on Form 10-K for the year endedDecember31, 2014, and as updated by the Companys subsequently filed Quarterly Reports on Form 10-Q and other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update theinformation in this press release.

# # #

5

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands, except for per share data)March31,2015December31,2014

(Unaudited)

Assets

Real estate assets

Land, buildings and improvements, and intangible lease assets

$2,237,758$2,149,612

Construction in progress and other

49,26623,163

Net investment in direct financing leases

453,423439,516

Mortgage loans

437,591397,594

Gross investment in real estate assets

3,178,038

3,009,885

Accumulated depreciation and amortization

(216,629)

(202,627)

Net investment in real estate assets

2,961,409

2,807,258

Cash and cash equivalents

33,548

144,541

Interest and rent receivables

40,464

41,137

Straight-line rent receivables

63,590

59,128

Other assets

724,038

695,272

Total Assets

$3,823,049

$3,747,336

Liabilities and Equity

Liabilities

Debt, net

$1,882,319

$2,201,654

Accounts payable and accrued expenses

111,187

112,623

Deferred revenue

25,362

27,207

Lease deposits and other obligations to tenants

8,480

23,805

Total Liabilities

2,027,348

2,365,289

Equity

Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding

Common stock, $0.001 par value. Authorized 250,000 shares; issued and outstanding - 207,731 shares at March 31, 2015 and 172,743 sharesat December31, 2014

207

172

Additional paid in capital

2,248,137

1,765,381

Distributions in excess of net income

(371,459)

(361,330)

Accumulated other comprehensive loss

(80,922)

(21,914)

Treasury shares, at cost

(262)

(262)

Total Equity

1,795,701

1,382,047

Total Liabilities and Equity

$3,823,049

$3,747,336

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

FortheThreeMonthsEnded

March31,2015March31,2014

(Amounts in thousands, except for per share data)

Revenues

Rent billed

$53,100$42,957

Straight-line rent

4,7282,148

Income from direct financing leases

12,55512,215

Interest and fee income

25,57815,769

Total revenues

95,961

73,089

Expenses

Real estate depreciation and amortization

14,756

13,690

Impairment charges

20,496

Property-related

351

738

Acquisition expenses

6,239

512

General and administrative

10,905

8,959

Total operating expenses

32,251

44,395

Operating income

63,710

28,694

Interest and other income (expense)

(27,359)

(21,442)

Income tax (expense) benefit

(375)

57

Income from continuing operations

35,976

7,309

Income (loss) from discontinued operations

(2)

Net income

35,976

7,307

Net income attributable to non-controlling interests

(79)

(66)

Net income attributable to MPT common stockholders

$35,897

$7,241

Earnings per common share - basic:

Income from continuing operations

$0.18

$0.04

Income from discontinued operations

Net income attributable to MPT common stockholders

$0.18

$0.04

Earnings per common share - diluted:

Income from continuing operations

$0.17

$0.04

Income from discontinued operations

Net income attributable to MPT common stockholders

$0.17

$0.04

Dividends declared per common share

$0.22

$0.21

Weighted average shares outstanding - basic

202,958

163,973

Weighted average shares outstanding - diluted

203,615

164,549

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Reconciliation of Net Income to Funds From Operations

(Unaudited)

FortheThreeMonthsEnded

March31,2015March31,2014

(Amounts in thousands, except per share data)

FFO information:

Net income attributable to MPT common stockholders

$35,897$7,241

Participating securities share in earnings

(266)(209)

Net income, less participating securities share in earnings

$35,631

$7,032

Depreciation and amortization

14,756

13,690

Funds from operations

$50,387

$20,722

Write-off of straight line rent

950

Impairment charges

20,496

Acquisition costs

6,239

512

Unutilized financing fees / debt refinancing costs

238

Normalized funds from operations

$56,864

$42,680

Share-based compensation

2,603

2,043

Debt costs amortization

1,377

1,049

Additional rent received in advance (A)

(300)

(300)

Straight-line rent revenue and other

(6,332)

(4,703)

Adjusted funds from operations

$54,212

$40,769

Per diluted share data:

Net income, less participating securities share in earnings

$0.17

$0.04

Depreciation and amortization

0.08

0.09

Funds from operations

$0.25

$0.13

Write-off of straight line rent

0.01

Impairment charges

0.12

Acquisition costs

0.03

Unutilized financing fees / debt refinancing costs

Normalized funds from operations

$0.28

$0.26

Share-based compensation

0.01

0.01

Debt costs amortization

0.01

0.01

Additional rent received in advance (A)

Straight-line rent revenue and other

(0.03)

(0.03)

Adjusted funds from operations

$0.27

$0.25

(A)Represents additional rent from one tenant in advance of when we can recognize as revenue for accounting purposes. This additional rent is being recorded to revenue on a straight-line basis over the lease life.

Investors and analysts following the real estate industry utilize funds from operations, or FFO, as a supplemental performance measure.FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishespredictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses)on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

In addition to presenting FFO in accordance with the NAREIT definition, we also disclose normalized FFO,which adjusts FFO for items that relate tounanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined withthe required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO andnormalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciationand amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO andnormalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator ofour liquidity.

We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i)unbilled rent revenue,(ii)non-cash share-based compensation expense, and (iii)amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of ourrental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is notcollected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to netincome (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity.

EX-99.23d922559dex992.htmEX-99.2

EX-99.2

Exhibit 99.2

Medical Properties Trust

FIRST QUARTER 2015

Supplemental Information

MEDICALPROPERTIESTRUST.COM

TABLE OF CONTENTS

COMPANY OVERVIEW

Company Information 3

FINANCIAL INFORMATION

Reconciliation of Net Income to Funds from Operations 5

Debt Summary 6

Debt Maturity Schedule 7

PORTFOLIO INFORMATION

Lease Maturity Schedule 8

Investments and Revenue by Asset Type, Operator, State and Country 9

Acquisitions and Summary of Development Projects 12

FINANCIAL STATEMENTS

Consolidated Statements of Income 13

ConsolidatedBalance Sheets 14

Detail of Other Assets 15

FORWARD-LOOKING STATEMENT Forward-looking statements involve known and unknown risks, uncertainties and other factors thatmay cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the satisfaction of all conditions to, and the timely closing (ifat all) of the Median sale-leaseback transactions; the Company financing of the transactions described herein; the capacity of Median and the Companys other tenants to meet the terms of their agreements; Normalized FFO per share; expectedpayout ratio, the amount of acquisitions of healthcare real estate, if any; capital markets conditions, the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certainhospital operations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangement, and additional investments; national and international economic, business, real estate and other marketconditions; the competitive environment in which the Company operates; the execution of the Companys business plan; financing risks; the Companys ability to maintain its status as a REIT for federal income tax purposes; acquisition anddevelopment risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please referto the Risk factors section of the Companys Annual Report on Form 10-K for the year ended December31, 2014, and as updated by the Companys subsequently filed Quarterly Reports on Form 10-Q and other SEC filings. Exceptas otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this report.

Q1 2015 | SUPPLEMENTAL INFORMATION

2

MEDICALPROPERTIESTRUST.COM

COMPANY OVERVIEW

Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formedto capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. MPTs financing model allows hospitals and other healthcare facilities to unlock the value of their underlying real estatein order to fund facility improvements, technology upgrades, staff additions and new construction. Facilities include acute care hospitals, inpatient rehabilitation hospitals, long-term acute care hospitals, and other medical and surgicalfacilities.

OFFICERS

Edward K. Aldag, Jr. Chairman, President and Chief Executive Officer R. Steven Hamner Executive Vice President and Chief Financial Officer

Emmett E. McLean Executive Vice President, Chief Operating Officer, Treasurer and Secretary Frank R. Williams, Jr. SeniorVice President, Senior Managing DirectorAcquisitions

BOARD OF DIRECTORS

Edward K. Aldag, Jr. G. Steven Dawson R. Steven Hamner Robert. E. Holmes, Ph.D. Sherry A. Kellett William G. McKenzie L.Glenn Orr, Jr. D. Paul Sparks, Jr.

CORPORATE HEADQUARTERS

Medical Properties Trust, Inc.

1000 Urban Center Drive, Suite 501 Birmingham, AL 35242

(205) 969-3755 (205)969-3756 (fax) www.medicalpropertiestrust.com

Q1 2015 | SUPPLEMENTAL INFORMATION

3

MEDICALPROPERTIESTRUST.COM

COMPANY OVERVIEW(continued)

INVESTOR RELATIONS CAPITAL MARKETS

Tim Berryman | DirectorInvestor Relations Charles Lambert | Managing DirectorCapital Markets

(205) 397-8589 (205)397-8897

tberryman@medicalpropertiestrust.com clambert@medicalpropertiestrust.com

TRANSFER AGENT STOCK EXCHANGE SENIOR UNSECURED

American Stock Transfer LISTING AND DEBT RATINGS

and Trust Company TRADING SYMBOL Moodys Ba1

6201 15th Avenue New York Stock Exchange Standard& Poors BBB-

Brooklyn, NY 11219 (NYSE): MPW

CONTINUUM OF CARER

E MEDICAL PROPERTIES TRUST FOCUSES ON THE MOST H

H I G CRITICAL COMPONENTS OF HEALTHCARE DELIVERY.

ACUTE HOSPITALS CARE

ACUTE CAREHOSPITALS& FREE STANDING EMERGENCY ROOMS LONG-TERM ACUTE CARE HOSPITALS

INPATIENT REHABILITATIONFACILITIES NURSING HOMES

LONG-TERM

ACUTE CARE ASSISTED LIVING HOSPITALS HOME HEALTH CARE

MPT facility types shown in green.

HEALTH HOMEREHABILITATION INPATIENT CARE

I FACILITIES

N T ASSISTED E N NURSING

S LIVING I T HOMES

Y

OF

C

AR

E

LOWER

Q1 2015 | SUPPLEMENTAL INFORMATION

4

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS

(Unaudited)

(Amounts in thousands except per share data)

Forthe Three Months Ended

March31, 2015 March31, 2014

FFO INFORMATION:

Net income attributable to MPT common stockholders $ 35,897 $ 7,241

Participating securities share in earnings (266)(209)

Net income, less participating securities share in earnings $ 35,631 $ 7,032

Depreciation and amortization 14,756 13,690

Fundsfrom operations $ 50,387 $ 20,722

Write-off straight line rent 950

Impairment charges 20,496

Acquisition costs 6,239 512

Unutilized financingfees / debt refinancing costs 238 -

Normalized funds from operations $ 56,864 $ 42,680

Share-based compensation 2,603 2,043

Debt costs amortization 1,377 1,049

Additionalrent received in advance(A) (300)(300)

Straight-line rent revenue and other (6,332)(4,703)

Adjusted funds from operations $ 54,212 $ 40,769

PER DILUTED SHARE DATA:

Net income, less participating securities share in earnings $ 0.17 $ 0.04

Depreciation and amortization 0.08 0.09

Fundsfrom operations $ 0.25 $ 0.13

Write-off straight line rent 0.01

Impairment charges 0.12

Acquisition costs 0.03 -

Unutilized financingfees / debt refinancing costs -

Normalized funds from operations $ 0.28 $ 0.26

Share-based compensation 0.01 0.01

Debt costs amortization 0.01 0.01

Additional rentreceived in advance(A) -

Straight-line rent revenue and other (0.03) (0.03)

Adjusted funds from operations $ 0.27 $ 0.25

(A) Represents additional rent from one tenant in advance of when we can recognize as revenue for accounting purposes. This additional rent is being recorded to revenue on a straight-linebasis over the lease life.

Investors and analysts following the real estate industry utilize funds fromoperations, or FFO, as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estateassets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income(loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and jointventures.

In addition to presenting FFO in accordance with the NAREIT definition, we also disclose normalizedFFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts.We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and othercompanies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since themeasures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that couldmaterially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss)

(computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.

We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO(i)unbilled rent revenue, (ii)non-cash share-based compensation expense, and (iii)amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt,rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognitionof rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not beconsidered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity.

Q1 2015 | SUPPLEMENTAL INFORMATION

5

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

DEBT SUMMARY

(as of March31, 2015)

($ amounts inthousands)

Debt Instrument Rate Type Rate Balance

2016 Unsecured Notes Fixed 5.59% (1)$ 125,000

Northland Mortgage Capital Term Loan Fixed 6.20% 13,611

2018 Credit Facility Revolver Variable 1.40%1.58% (2)301,655

2019 Term Loan Variable 1.83% 125,000

5.75% Notes Due 2020 (Euro) Fixed 5.75% (3)214,620

6.875% Notes Due 2021 Fixed 6.88% 450,000

6.375%Notes Due 2022 Fixed 6.38% 350,000

5.5% Notes Due 2024 Fixed 5.50% 300,000

$ 1,879,886

Debt Premium 2,433

Weighted average rate 5.16% $1,882,319

Rate Type as Percentage of Total Debt

Variable 22.7%

Fixed 77.3%

(1) Represents the weighted-averagerate for four tranches of the Notes at March31, 2015, factoring in interest rate swaps in effect at that time. The Company has entered into two swap agreements which began in July and October 2011. Effective July31, 2011, the Company ispaying 5.507% on $65 million of the Notes and effective October31, 2011, the Company is paying 5.675% on $60 million of Notes.

(2) At March31, 2015, this represents a $1.025 billion unsecured revolving credit facility with spreads over LIBOR ranging from 0.95% to 1.75%.

(3) Represents 200million of bonds issued in EUR and converted to USD at March31, 2015. Q1 2015 | SUPPLEMENTALINFORMATION

6

MEDICALPROPERTIESTRUST.COM

FINANCIAL INFORMATION

DEBT MATURITY SCHEDULE

(as of March31, 2015)

($ amounts inthousands)

Debt Instrument 2015 2016 2017 2018 2019 Thereafter

2016 Unsecured Notes $ $ 125,000 $ $ $ $ -

Northland Mortgage Capital Term Loan 211 299 320 12,781 -

2018 Credit Facility Revolver 301,655 -

2019 Term Loan 125,000 -

5.75% Notes Due 2020 (Euro) 214,620

6.875% Notes Due 2021 450,000

6.375% Notes Due 2022 350,000

5.5% Notes Due 2024 300,000

$ 211 $ 125,299 $ 320 $ 314,436 $ 125,000 $ 1,314,620

$1,500,000 $1,314,620 $1,200,000

$900,000

$600,000

$314,436 $300,000

$125,299 $125,000

$211 $320 $-

2015 2016 2017 2018 2019 Thereafter

2016 Unsecured Notes Northland Mortgage Capital Term Loan

2018 Credit Facility Revolver 2019 Term Loan

5.75% Notes Due 2020 (Euro) 6.875% Notes Due 2021

6.375% Notes Due 2022 5.5% Notes Due 2024

Q1 2015| SUPPLEMENTAL INFORMATION 7

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

LEASE MATURITY SCHEDULE

(as of March31, 2015) ($ amounts in thousands)

Years of Lease Maturities (1)Total Leases Base Rent (2)Percent of Total

Base Rent

2015 $ -

2016 1 2,250 0.9%

2017 -

2018 1 2,020 0.8%

2019 8 6,547 2.5%

2020 1 1,061 0.4%

2021 3 14,244 5.5%

2022(3) 12 37,955 14.7%

2023 4 12,029 4.6%

2024 1 2,478 1.0%

Thereafter 87 179,887 69.6%

118 ## $ 258,471 100.0%

Percentageo f Total BaseRent

80%

69.6%

70% 60% 50% 40% 30%

20% 14.7%

10% 5.5% 4.6%

0.9% 2.5% 1.0%

0.8% 0.4%

0%

(1) Excludes 13 of our properties that areunder development. Also, lease expiration is based on the fixed term of the lease

and does not factor inpotential renewal options provided for in our leases.

(2) Represents base rent on an annualized basis but doesnot include tenant recoveries, additional rents and other

lease-related adjustments to revenue (i.e.,straight-line rents and deferred revenues).

(3) 95% of the 2022 maturities are under a Master Lease with PrimeHealthcare; Master Lease renewal options

are for all properties or none of them.

Q1 2015 | SUPPLEMENTAL INFORMATION 8

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY ASSET TYPE

(as of March31, 2015)

($ amounts inthousands)

Asset Types Total Percentage of Total Percentage of

Assets Gross Assets Revenue Total Revenue

General Acute Care Hospitals (A)$ 2,128,144 52.7% $ 53,921 56.2%

Rehabilitation Hospitals 1,178,582 29.2% 28,466 29.7%

Long-Term Acute Care Hospitals 457,644 11.3% 13,442 14.0%

Wellness Centers 15,625 0.4% 132 0.1%

Otherassets 259,683 6.4% -

Total $ 4,039,678 100.0% $ 95,961 100.0%

Accumulated depreciation and amortization (216,629)

Total assets $ 3,823,049

Investments by Asset Type Revenue by Asset Type

0.1%

0.4%

General Acute Care

6.4% Hospitals 14.0% 11.3%

Rehabilitation Hospitals

52.7% Long-Term AcuteCare

Hospitals 29.7% 56.2%

29.2% Wellness Centers

Other assets

(A) Includes three medical office buildings.

Q1 2015 | SUPPLEMENTAL INFORMATION 9

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY OPERATOR

(as of March31, 2015)

($ amounts inthousands)

Operators Total Percentage of Total Percentage of

Assets Gross Assets Revenue Total Revenue

Prime Healthcare $ 900,216 22.3% $ 24,021 25.0%

Ernest Health, Inc. 504,990 12.5% 14,700 15.3%

MEDIAN 422,409 10.4% 9,139 9.5%

IASIS Healthcare347,612 8.6% 6,929 7.2%

RHM 252,782 6.3% 6,071 6.4%

22 operators 1,351,986 33.5% 35,101 36.6%

Other assets 259,683 6.4% -

Total4,039,678 100.0% $ 95,961 100.0%

Accumulated depreciation and amortization (216,629)

Total assets $ 3,823,049

Investments by Operator Revenue by Operator

PrimeHealthcare

6.4%

22.3% 25.0%

Ernest Health, Inc.

36.6%

MEDIAN

33.5%

12.5% IASIS Healthcare

15.3%

RHM

6.4% 10.4%

6.3% 22 operators 7.2% 9.5%

8.6%

Other assets

Q1 2015 | SUPPLEMENTAL INFORMATION 10

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

INVESTMENTS AND REVENUE BY U.S. STATE AND COUNTRY

(as of March31, 2015)

($ amounts in thousands)

U.S. States and OtherCountries

Total
Assets
Percentageof
GrossAssets
Total
Revenue
Percentageof
TotalRevenue

Texas

$818,98020.3%$21,01621.9%

California

547,09513.6%16,53917.3%

New Jersey

237,3885.9%3,8414.0%

Missouri

210,9215.2%3,0803.2%

Arizona

206,3915.1%5,0245.2%

22 Other States

1,022,16825.3%30,16931.4%

United States

3,042,94375.4%79,66983.0%

Germany

695,19117.2%15,21015.9%

U.K.

41,8611.0%1,0821.1%

International

737,05218.2%16,29217.0%

Other assets

259,6836.4%

Total

4,039,678100.0%$95,961100.0%

Accumulated depreciation and amortization

(216,629)

Total assets

$3,823,049

Q1 2015 |SUPPLEMENTAL INFORMATION 11

MEDICALPROPERTIESTRUST.COM

PORTFOLIO INFORMATION

ACQUISITIONS FOR THE THREE MONTHS ENDED MARCH 31, 2015

($ amounts in thousands)

Name

Location

Property Type

Acquisition /
Development

Investment /
Commitment

Weslaco Regional Rehabilitation Hospital

Weslaco,TXInpatientRehabilitation HospitalAcquisition$15,700

St. Joseph Medical Center

KansasCity,MOAcute Care HospitalAcquisition80,000

St. Marys Medical Center

BlueSprings,MOAcute Care HospitalAcquisition30,000

Total Investments / Commitments

$125,700

SUMMARY OF DEVELOPMENT PROJECTS AS OF MARCH 31, 2015

($ amounts in thousands)

Property

Location

Property Type

Operator

Commitment
CostsIncurred
asof
3/31/2015
Estimated
Completion
Date

UAB Medical West

Hoover, ALAcuteCareHospital& MOBMedicalWest,an affiliate of UAB$8,653$5,8532Q2015

First Choice ER - Chandler

Chandler, AZAcute Care HospitalAdeptus Health5,0492,5022Q 2015

First Choice ER - Converse

Converse, TXAcute Care HospitalAdeptus Health5,7544,3112Q 2015

First Choice ER - Denver 48th

Denver, COAcute Care HospitalAdeptus Health5,1231,1742Q 2015

First Choice ER - Aurora

Aurora, COAcute Care HospitalAdeptus Health5,273213Q 2015

First Choice ER - Carrollton

Carrollton, TXAcute Care HospitalAdeptus Health35,82023,4583Q 2015

First Choice ER - Conroe

Houston, TXAcute Care HospitalAdeptus Health6,1101,6683Q 2015

First Choice ER - Gilbert

Gilbert, AZAcute Care HospitalAdeptus Health6,5002,4813Q 2015

First Choice ER - Glendale

Glendale, AZAcute Care HospitalAdeptus Health4,8245643Q 2015

First Choice ER - McKinney

McKinney,TXAcute Care HospitalAdeptus Health4,7501,0023Q 2015

First Choice ER - Victory Lakes

Houston, TXAcute Care HospitalAdeptus Health4,9395543Q 2015

First Choice ER - Vintage Preserve

Houston, TXAcute Care HospitalAdeptus Health45,9615,6783Q 2016

First Choice Emergency Rooms

VariousAcute Care HospitalAdeptus Health13,448

$152,204$49,266

Q1 2015 |SUPPLEMENTAL INFORMATION 12

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Amounts in thousands except per share data)

(Unaudited)

For the Three Months Ended

March31, 2015March31, 2014

Revenues

Rent billed $ 53,100 $ 42,957

Straight-line rent4,728 2,148

Income from direct financing leases 12,555 12,215

Interest and fee income 25,578 15,769

Total revenues 95,961 73,089

Expenses

Real estate depreciation and amortization 14,756 13,690

Impairment charges 20,496

Property-related 351 738

Acquisition expenses6,239 512

General and administrative 10,905 8,959

Total operating expenses 32,251 44,395

Operating income 63,710 28,694

Interest and otherincome (expense) (27,359)(21,442)

Income tax (expense) benefit (375)57

Income from continuing operations 35,976 7,309

Income (loss) from discontinued operations (2)

Net income 35,976 7,307

Net income attributableto non-controlling interests (79)(66)

Net income attributable to MPT common stockholders $ 35,897 $7,241

Earnings per common share basic:

Income from continuing operations $ 0.18 $ 0.04

Income from discontinued operations -

Netincome attributable to MPT common stockholders $ 0.18 $ 0.04

Earnings per common share diluted:

Income from continuing operations $ 0.17 $ 0.04

Income from discontinued operations -

Net income attributable to MPT common stockholders $ 0.17 $ 0.04

Dividends declared per common share $ 0.22 $ 0.21

Weighted average shares outstanding basic 202,958 163,973

Weighted average shares outstanding diluted 203,615 164,549

Q1 2015 | SUPPLEMENTAL INFORMATION 13

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands except per share data)

March31, 2015 December31, 2014

(unaudited)

ASSETS

Real estate assets

Land, buildings and improvements, and intangible lease assets $ 2,237,758 $ 2,149,612

Construction in progress and other 49,266 23,163

Net investment in direct financing leases 453,423 439,516

Mortgage loans 437,591 397,594

Gross investment in real estate assets 3,178,038 3,009,885

Accumulated depreciation and amortization (216,629)(202,627)

Net investment in real estate assets 2,961,409 2,807,258

Cash and cash equivalents 33,548 144,541

Interestand rent receivables 40,464 41,137

Straight-line rent receivables 63,590 59,128

Other assets 724,038 695,272

Total Assets $ 3,823,049 $ 3,747,336

LIABILITIESAND EQUITY

Liabilities

Debt, net $ 1,882,319 $ 2,201,654

Accountspayable and accrued expenses 111,187 112,623

Deferred revenue 25,362 27,207

Lease deposits and other obligations to tenants 8,480 23,805

Total liabilities 2,027,348 2,365,289

Equity

Preferred stock, $0.001 par value.Authorized 10,000 shares;

no shares outstanding -

Common stock, $0.001 par value. Authorized 250,000 shares;

issued and outstanding207,731 shares at March31, 2015

and 172,743 shares at December31, 2014 207 172

Additional paid in capital 2,248,137 1,765,381

Distributions in excess of net income (371,459)(361,330)

Accumulated other comprehensive income (loss) (80,922)(21,914)

Treasury shares, at cost (262)(262)

TotalEquity 1,795,701 1,382,047

Total Liabilities and Equity $ 3,823,049 $ 3,747,336

Q1 2015 | SUPPLEMENTAL INFORMATION 14

MEDICALPROPERTIESTRUST.COM

FINANCIAL STATEMENTS

DETAIL OF OTHER ASSETS AS OF MARCH 31, 2015

($ amounts in thousands)

Operator

Investment
AnnualInterest
Rate
YTDRidea
Income(3)

Security / Credit Enhancements

Non-Operating Loans

Vibra Healthcare acquisition loan(1)

$9,74610.25%Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent

Vibra Healthcare working capital

5,2349.50%Secured and cross-defaulted with real estate, other agreements and guaranteed by Parent

Post Acute Medical working capital

5,61911.36%Secured and cross-defaulted with real estate; certain loans are cross-defaulted with other loans and real estate

Alecto working capital

16,68011.12%Secured and cross-defaulted with real estate and guaranteed by Parent

IKJG/HUMC working capital

11,03710.40%Secured and cross-defaulted with real estate and guaranteed by Parent

Ernest Health

9,2509.26%Secured and cross-defaulted with real estate and guaranteed by Parent

Other

5,432

62,998

Operating Loans

Ernest Health, Inc.(2)

93,20015.00%$3,724Secured and cross-defaulted with real estate and guaranteed by Parent

IKJG/HUMC convertible loan

3,35254Secured and cross-defaulted with real estate and guaranteed by Parent

96,5523,778

MEDIAN investments(4)

471,400

Equity investments

14,831103

Deferred debt financing costs

33,383Not applicable

Lease and cash collateral

3,313Not applicable

Other assets(5)

41,561Not applicable

Total

$724,038$3,881

(1)Original amortizing acquisition loan was $41 million; loan matures in 2019.

(2)Cash rate is 10% effective March1, 2014.

(3)Income earned on operating loans is reflected in the interest income line of the income statement.

(4)Includes loans and equity investment.

(5)Includes prepaid expenses, office property and equipment and other.

Q1 2015 |SUPPLEMENTAL INFORMATION 15

1000 Urban Center Drive, Suite 501 Birmingham, AL 35242 (205)969-3755 NYSE: MPW www.medicalpropertiestrust.com

Contact:

Charles Lambert, Managing DirectorCapital Markets

(205) 397-8897 or clambert@medicalpropertiestrust.com or Tim Berryman, DirectorInvestor Relations

(205) 397-8589 or tberryman@medicalpropertiestrust.com

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